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By tradinglounge · Posted
WTI Elliott wave analysis Function - Counter-trend Mode - Corrective Structure - Zigzag Position - Wave (iii) of 1 Direction - Wave (iii) of 1 still in play Details - We discussed two scenarios in the last update. After 84 was breached, we can confirm wave (B) has ended. Now we need further confirmation with the current decline ending impulse. With the speed of this decline, it will most likely be, barring any surprises. Thus, the bearish impulse for wave 1 is underway. WTI has undergone a notable decline of almost 7% since reaching its 2024 peak in August. This descent appears rapid and impulsive, suggesting the possible conclusion of the four-month bullish correction or perhaps a corrective phase within it. The former scenario seems more plausible, especially when considering the alignment with price movements on higher time frames. From a long-term perspective, the commodity is in the process of correcting the significant impulse wave from April 2020 to March 2022, which marked its resilience against the challenges posed by the COVID-19 pandemic. This correction commenced in March 2022 and is still ongoing, with projections indicating a potential further decline to the range of $46-50. Analyzing the daily chart, we can discern the entirety of the correction, identifying a double zigzag structure denoted as the blue wave W-X-Y. Waves W and X concluded at 64.5 and 95, respectively. Currently, wave Y (marked in blue circles) is unfolding downward, displaying a zigzag pattern. Wave (A) of Y terminated at 67.81, followed by a surge for wave (B), seemingly completing a double zigzag at 87.67. This implies the likelihood of witnessing another zigzag or double zigzag for (C) of blue Y, indicating a probable breach of the 64.5 low in the long term. Failure to do so may still result in at least a three-wave dip to 75. Moving forward, the focus will be on monitoring the ongoing bearish reaction, with close attention paid to developments on the H4 chart. Turning to the H4 chart, anticipation centers on a downward impulse to complete wave 1 or A, possibly even to fulfill the initial sub-waves of 1 or A. The specific degree of these waves may not hold significant relevance at this juncture; instead, the emphasis lies on the current price structure. Should the price conform to the expected bearish impulse, a subsequent corrective bounce is anticipated, offering a potentially favorable entry point for selling. As long as the price remains below 87.63, expectations lean towards further declines in the near term. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
EURGBP Elliott Wave Analysis Trading Lounge Day Chart, Euro/British Pound(EURGBP) Day Chart EURGBP Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE:Corrective STRUCTURE: red wave B POSITION: blue wave X DIRECTION NEXT HIGHER DEGREES:red wave C of X DETAILS: red wave b of blue wave X looking still is in play as triangle .. Wave Cancel invalid level: 0.85001 The EUR/GBP Elliott Wave Analysis for the day chart provides a comprehensive overview of the potential price movements for the Euro against the British Pound, utilizing Elliott Wave principles for technical analysis. Identified as a "Counter Trend," the analysis indicates that the current market direction opposes the prevailing trend. This suggests that the EUR/GBP pair may be undergoing a temporary corrective phase, providing opportunities for traders who anticipate a reversal in the broader trend. Described as "Corrective" in mode, the analysis suggests that the ongoing market movement exhibits characteristics of a corrective wave. This implies that the current price action may represent a temporary retracement or consolidation within the larger trend, rather than a continuation of the primary trend. The "STRUCTURE" is labeled as "red wave B," providing clarity on the current phase of the Elliott Wave cycle. This helps traders understand the nature of the corrective movement and its potential implications for future price action. Positioned as "blue wave X," the analysis highlights the specific phase of the Elliott Wave cycle within the current corrective movement. This indicates that the market is 2 / 2 currently in a corrective phase following the completion of a previous wave cycle, potentially indicating a complex correction pattern. In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave C of X," suggesting the anticipated direction for the subsequent higher-degree wave within the Elliott Wave cycle. This implies that the market may experience another corrective phase following the completion of the current corrective wave, providing insights into potential future price movements. The "DETAILS" section notes that "red wave b of blue wave X looking still is in play as a triangle." This suggests that the ongoing corrective wave may be taking the form of a triangle pattern, characterized by overlapping price movements and diminishing volatility. Additionally, the wave cancel level is identified at 0.85001, providing a reference point for invalidating the wave count. Traders can utilize this information to evaluate potential trading opportunities and manage risk effectively. EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart, Euro/British Pound(EURGBP) 4 Hour Chart EURGBP Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE:Corrective STRUCTURE: red wave B POSITION: blue wave X DIRECTION NEXT HIGHER DEGREES:red wave C of X DETAILS: red wave b of blue wave X looking still is in play as a triangle . Wave Cancel invalid level: 0.85001 The EUR/GBP Elliott Wave Analysis for the 4-hour chart provides insights into the potential price movements of the Euro against the British Pound, employing Elliott Wave principles for technical analysis. Identified as a "Counter Trend," the analysis suggests that the current market movement opposes the prevailing trend. This indicates that the EUR/GBP pair may be undergoing a temporary corrective phase against the dominant trend direction, presenting potential trading opportunities for contrarian traders. Described as "Corrective" in mode, the analysis indicates that the ongoing market movement exhibits characteristics of a corrective wave. This suggests that the current price action may represent a temporary pause or retracement within the broader trend, rather than a continuation of the primary trend. The "STRUCTURE" is labeled as "red wave B," providing clarity on the current phase of the Elliott Wave cycle. This assists traders in understanding the nature of the corrective movement and its potential impact on future price action. Positioned as "blue wave X," the analysis highlights the specific phase of the Elliott Wave cycle within the current corrective movement. This suggests that the market is currently in the corrective phase following the completion of a previous wave cycle, potentially indicating a complex correction pattern. In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave C of X," indicating the anticipated direction for the subsequent higher-degree wave within the Elliott Wave cycle. This suggests that the market may experience a subsequent corrective phase following the completion of the current corrective wave, offering insights into future price movements. The "DETAILS" section notes that "red wave b of blue wave X looking still is in play as a triangle." This suggests that the ongoing corrective wave may be taking the form of a triangle pattern, characterized by overlapping price movements and diminishing volatility. Additionally, the wave cancel level is noted at 0.85001, serving as a reference point for invalidating the wave count. Traders may use this information to assess potential trading opportunities and manage risk accordingly. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, ChainLink/ U.S. dollar(LINKUSD) LINKUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Zigzag Position: Wave C Direction Next higher Degrees: Wave (I) of Impulse Wave Cancel invalid Level: 8.498 Details: the corrective of Wave (II) is equal to 61.8% of Wave (I) at 8.702 Log scale chart ChainLink/ U.S. dollar(LINKUSD)Trading Strategy: The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend. ChainLink/ U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H8 Chart, ChainLink/ U.S. dollar(LINKUSD) LINKUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave 5 Direction Next higher Degrees: Wave ((C)) of Zigzag Wave Cancel invalid Level: 81.238 Details: The Five-Wave Decline of Wave ((C)) trend to test 11.582 Level ChainLink/ U.S. dollar(LINKUSD)Trading Strategy: The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend. ChainLink/ U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!
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Question
Guest Janner
Is anybody else receiving push notifications on their mobile informing them that a particular stock/commodity/index is up by x%?
I am not aware that I asked for this information and am finding it very irritating (as well as using my data allowance).
I have opted in to push notifications for when positions I have set up are automatically opened or closed and for price alerts that I have set up for myself.
I accept some people may welcome this service but not all of us do. Anyone know how to turn this annoying new "advice service" off?!!
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